Here’s a bit of animation that tries to explain just how the US got into this financial mess. It’s a pretty simplistic, if not completely accurate, lesson. Some omissions include the government’s role in pushing sub-prime (aka Risky) mortgages onto the market… But overall, a nice “Economic Crisis for Dummies” lecture.
Tag Archives: mortgage
I never thought this day would ever happen! I won’t have to worry about putting gas in my car, I won’t have to worry about paying my mortgage. You know, if I help him, he’s going to help me.
— Obama supporter Peggy Joseph
A government big enough to give you everything you want is a government big enough to take from you everything you have.
– Gerald R. Ford
[ED: At first I thought this was some Intertoobie myth – but this lady actually said it! Check out this on YouTube! What a nut job…]
Peggy Joseph – Obama Kool-Aid Drinker and Nutjob
[ED: In an effort to trace the recent economic collapse, Dan Dafler dug deep in to the Internet archives of the NY Times to bring you this byline from 1999 – smack dab in the “Clinton Years”. We’ve added the bold text for emphasis.]
September 30, 1999
Fannie Mae Eases Credit To Aid Mortgage Lending
By STEVEN A. HOLMES
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in 15 markets — including the New York metropolitan region — will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.
Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.